(a) Prices from the RBA Index of Commodity Prices (ICP); bulk commodities
are spot prices (b) In US dollars

Sources: Bloomberg; IHS Energy Publishing; RBA

Table 2.1: Monetary Policy

Policy rate
Per cent

Most recent change

Cumulative change in current phase(a)Basis points

Euro area

0.15

↓

Jun 14

−135

Japan(b)

na

na

United States

0.125

↓

Dec 08

−512.5

Australia

2.50

↓

Aug 13

−225

Brazil

11.00

↑

Apr 14

375

Canada

1.00

↑

Sep 10

75

Chile

3.75

↓

Jul 14

−150

China(b)

na

na

India

8.00

↑

Jan 14

75

Indonesia

7.50

↑

Nov 13

175

Israel

0.50

↓

Jul 14

−275

Malaysia

3.25

↑

Jul 14

125

Mexico

3.00

↓

Jun 14

−525

New Zealand

3.50

↑

Jul 14

100

Norway

1.50

↓

Mar 12

−75

Russia

8.00

↑

Jul 14

250

South Africa

5.75

↑

Jul 14

75

South Korea

2.50

↓

May 13

−75

Sweden

0.25

↓

Jul 14

−175

Switzerland

0.00

↓

Aug 11

−275

Taiwan

1.875

↑

Jun 11

62.5

Thailand

2.00

↓

Mar 14

−150

Turkey

8.25

↓

Jul 14

−175

United Kingdom

0.50

↓

Mar 09

−525

Current monthly asset purchases

Most recent change

Assets on balance sheet

Per cent of GDP

United States

$25 billion

Jul 14

25.5

Japan

¥6 trillion

Apr 13

55.2

(a) Current rate relative to most recent trough or peak (b) Since April 2013, the Bank of Japan's main operating target
has been the money base; China does not have an official policy rate

Sources: Central Banks; RBA; Thomson Reuters

Table 2.2: Changes in International Share Prices

Per cent

Over 2013

Year to date

United States – S&P 500

30

4

Euro area – STOXX

20

−2

United Kingdom – FTSE

14

−2

Japan – Nikkei

57

−7

Canada – TSE 300

10

12

Australia – ASX 200

15

3

China – A shares

−7

5

MSCI indices

– Emerging Asia

3

7

– Latin America

−7

6

– Emerging Europe

−2

−6

– World

23

2

Source: Bloomberg

Table 2.3: Changes in the US Dollar against Selected Currencies

Per cent

Since end April 2013

Since end January 2014

Swedish krona

6

5

Chinese renminbi

0

2

European euro

−2

1

Swiss franc

−2

0

Japanese yen

5

0

New Taiwan dollar

2

−1

Canadian dollar

8

−2

Singapore dollar

1

−2

Mexican peso

9

−2

Thai baht

10

−2

UK pound sterling

−8

−2

Indian rupee

14

−3

Philippine peso

6

−4

Indonesian rupiah

21

−4

Malaysian ringgit

5

−4

New Zealand dollar

1

−5

South Korean won

−6

−5

South African rand

19

−5

Brazilian real

14

−6

Australian dollar

11

−6

TWI

4

0

Sources: Bloomberg; Board of Governors of the Federal Reserve System

Table 2.4: Gross Foreign Currency Reserves(a)

Percentage change since:

Level

End April 2013

End December 2013

End March 2014

US$ equivalent (billions)

China

13

4

1

3,993

Taiwan(b)

5

2

1

424

Russia

−9

−8

−3

416

Brazil

0

5

4

367

South Korea

12

7

4

358

Hong Kong

4

2

1

308

India

12

10

6

294

Thailand

−6

0

0

159

Malaysia

−6

−2

2

120

Turkey

−2

1

6

110

Indonesia

1

9

5

101

South Africa

−3

−3

−2

41

(a) Data to end June for China, Hong Kong, Indonesia, South Africa and
Thailand; to 14 July for Malaysia; to 25 July for India, Russia and Turkey;
to end July for Brazil, South Korea and Taiwan (b) Foreign exchange reserves (includes foreign currency and other
reserve assets)

Sources: Bloomberg; CEIC Data; Central Banks; IMF; RBA

Table 2.5: Changes in the Australian Dollar against Selected Currencies

Per cent

Since April 2013 peak in TWI(a)

Since January 2014 trough in TWI(b)

European euro

−13

10

Chinese renminbi

−12

10

Swiss franc

−14

9

US dollar

−11

8

Japanese yen

−9

7

Canadian dollar

−5

6

Thai baht

−2

6

UK pound sterling

−19

5

Singapore dollar

−11

5

Indian rupee

0

5

New Zealand dollar

−10

4

South African rand

7

4

Indonesian rupiah

8

4

South Korean won

−19

3

Malaysian ringgit

−6

3

TWI

−11

7

(a) 11 April 2013 (b) 25 January 2014

Sources: Bloomberg; RBA

Table 3.1: Demand and Output Growth

Per cent

March quarter 2014

December quarter 2013

Year to March quarter 2014

GDP

1.1

0.8

3.5

Domestic final demand

0.3

0.2

1.6

– Private demand

0.5

0.0

1.8

– Public demand

−0.3

0.9

0.8

Change in inventories(a)

−0.6

0.3

−0.7

Gross national expenditure

−0.3

0.5

0.9

Exports

4.8

1.1

10.4

Imports

−1.4

−0.6

−2.2

Nominal GDP

1.1

1.6

4.9

Real gross domestic income

0.8

1.0

2.5

(a) Contribution to GDP growth

Source: ABS

Table 3.2: Housing Price Growth

Per cent

3 months to June 2014

3 months to March 2014

Year to June 2014

Capital cities

APM(a)

2.1

1.9

10.1

RP Data-Rismark

1.4

2.3

10.3

Regional areas

APM(a)

0.6

1.2

4.6

RP Data-Rismark(b)

0.0

0.3

3.3

(a) Quarter-on-quarter growth rate (b) Detached houses only

Sources: APM; RBA; RP Data-Rismark

Table 4.1: Long-term Bond Issuance by State Treasury Corporations(a)

Issuer

Outstanding as at June 2014
$ billion

2013/14 issuance
$ billion

2014/15 indicative target
$ billion

New South Wales

64

5

6

Queensland

81

6

8

South Australia

14

3

4

Tasmania

3

0

1

Victoria

36

6

3

Western Australia

30

6

9

Total

230

27

31

(a) Securities with an original term to maturity of greater than one year;
figures are rounded to the nearest whole number; projections are based
on the latest funding program forecasts for gross term issuance less prior
year surplus funding

Sources: State Treasury Corporations; RBA

Table 4.2: Financial Aggregates

Percentage change(a)

Three months ended March 2014

Three months ended June 2014

Year ended June 2014

Total credit

1.2

1.6

5.1

– Owner-occupier housing

1.3

1.4

5.3

– Investor housing

2.1

2.5

8.7

– Personal

−0.2

0.4

0.7

– Business

0.8

1.5

3.5

Broad money

1.9

1.9

7.0

(a) Growth rates are break adjusted and seasonally adjusted

Sources: APRA; RBA

Table 4.3: Intermediaries' Fixed and Variable Lending Rates

Level at 6 August 2014
Per cent

Change since end April 2014
Basis points

Change since end August 2013
Basis points

Change since end October 2011
Basis points

Housing loans

– Standard variable rate(a)

5.93

0

0

−186

– Package variable rate(b)

5.08

0

−2

−195

– Fixed rate(c)

5.12

−8

1

−140

– Average outstanding rate

5.30

−5

−16

−187

Personal loans

– Standard variable rate

11.63

1

−7

−86

Small business (variable rates)

– Term loans

7.10

0

0

−190

– Overdraft

7.97

0

0

−188

Average rate(d)

6.69

−2

−11

−194

Large business

Average rate(d) (variable rate and bill funding)

4.50

−7

−29

−253

(a) Average of the major banks' standard variable rates (b) Average of the major banks' discounted package rates on
new, $250,000 full-doc loans (c) Average of the major banks'
3-year fixed rates (d) Rates on outstanding business lending (includes
discounts)

Sources: ABS; APRA; RBA

Table 5.1: Measures of Consumer Price Inflation

Per cent

Quarterly(a)

Year-ended(b)

June quarter 2014

March quarter 2014

June quarter 2014

March quarter 2014

Consumer Price Index

0.5

0.6

3.0

2.9

Seasonally adjusted CPI

0.6

0.6

–

–

– Tradables

0.4

0.7

2.9

2.6

– Tradables (excl volatile items and tobacco)(c)

0.5

0.0

1.2

0.8

– Non-tradables

0.7

0.5

3.1

3.1

Selected underlying measures

Trimmed mean

0.8

0.6

2.9

2.6

Weighted median

0.6

0.6

2.7

2.7

CPI excl volatile items(c)

0.7

0.5

2.8

2.7

(a) Except for the headline CPI, quarterly changes are based on seasonally
adjusted data; those not published by the ABS are calculated by the RBA
using seasonal factors published by the ABS (b) Year-ended changes are based on non-seasonally adjusted data,
except for the trimmed mean and weighted median (c) Volatile items
are fruit, vegetables and automotive fuel

Sources: ABS; RBA

Table 5.2: Median Inflation Expectations

Per cent

Year to December 2014

Year to December 2015

February 2014

May 2014

August 2014

May 2014

August 2014

Market economists

2.5

2.4

2.2

2.7

2.6

Union officials

2.8

3.0

3.0

2.9

3.0

Sources: RBA; Workplace Research Centre

Table 6.1: Output Growth and Inflation Forecasts(a)

Per cent

Year-ended

June 2014

Dec 2014

June 2015

Dec 2015

June 2016

Dec 2016

GDP growth

3

2½

2–3

2½–3½

2¾–3¾

2¾–4¼

Non-farm GDP growth

3¼

2¾

2–3

2½–3½

2¾–3¾

2¾–4¼

CPI inflation(b)

3

2

1¾–2¾

2½–3½

2½–3½

2¼–3¼

Underlying inflation(b)

2¾

2¼

1¾–2¾

2¼–3¼

2–3

2–3

Year-average

2013/14

2014

2014/15

2015

2015/16

2016

GDP growth

3

3

2–3

2–3

2½–3½

2¾–3¾

(a) Technical assumptions include A$ at US$0.93, TWI at 72 and Brent crude
oil price at US$106 per barrel (b) Based on current legislation for the price of carbon